Tamboran Resources Corporation's SS-1H well achieves promising flow rates

Tamboran Resources Corporation (ASX: $TBN) has reported that the Shenandoah South 1H (SS-1H) well in EP 117 achieved an average 60-day initial production (IP60) flow rate of 3.03 million cubic feet per day (MMcf/d) over a 1,644-foot, 10 stage stimulated length within the Mid Velkerri B Shale, normalized to 6.0 MMcf/d over 3,281-feet (1,000 metres). The results indicate the potential for future development wells to deliver higher average rates, demonstrating the favorable nature of the Beetaloo West region for initial development activities.

Executive Commentary on SS-1H Well Results

The SS-1H well continues to demonstrate a steady, low declining type-curve and holding its downhole pressure, which implies the well is connected to a world class reservoir with a strong pressure regime in the Shenandoah South area that supports initial development activities in the region. These rates continue to track average flow rates from some of the core regions in the Marcellus Shale basin in the US, which gives us confidence these rocks can produce to commercial quantities with potential to provide energy security to the Northern Territory and East Coast Australian gas markets.

Summary of SS-1H Well Results and Future Plans

Tamboran Resources Corporation's SS-1H well in EP 117 has shown promising flow rates, indicating the potential for future development wells to deliver higher average rates. The results continue to demonstrate the favorable nature of the Beetaloo West region for initial development activities. The company plans to undertake Front End Engineering and Design (FEED) studies on the proposed Shenandoah South Pilot Project and expects to take Final Investment Decision (FID) in mid-2024, subject to funding and key stakeholder approvals. Tamboran's focus on developing a significant natural gas resource within the Beetaloo Sub-basin aligns with its goal of playing a constructive role in the global energy transition towards a lower carbon future. The company's proposed projects, including the Shenandoah South Pilot Project and the Northern Territory LNG (NTLNG) development at Middle Arm in Darwin, aim to contribute to energy security in the Northern Territory and East Coast Australian gas markets.